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The attorneys-general of at least six American states are working closely together to determine whether they can bring a joint lawsuit against more than a dozen banks accused of manipulating Libor interest rates.

Individual states such as New York and Connecticut had already confirmed that they were investigating the manipulation of the London Interbank Offered Rate (Libor), but the level of co-operation on this issue is, in fact, much wider.

Representatives of several attorneys-general have confirmed privately that co-ordinated action is being taken to work out what damage Libor manipulation inflicted on state finances.